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O W E L L H O U S E
Acquired and renovated in 1999 by a Boston-based not-for-profit, Amy Lowell House is a 151-unit, high-rise multifamily community located in downtown Boston. It is also one of the few mixed-income properties available in the city's renowned Charles River Park neighborhood. CDT was motivated to acquire Amy Lowell House to monetize the value created by the not-for-profit, while ensuring the long-term affordability of this valuable community resource.
Together with HallKeen, CDT acquired the general partnership interest in Amy Lowell House in March 2004. Upon closing, an additional $1,000 per unit was deposited into the reserve account, for a total of $151,000. With this transaction, CDT has helped to sustain the 80/20 mix of affordable and market-rate units in the building.
the community development trust